Capital Gains and other taxes manual

Appendix 20: 1982 portfolio valuations - provision of information

The Valuation Office Agency's (VOA) technical manual used to assess Capital Gains and other taxes.

The aim of the service is to agree, by checking your valuations on a representative selection of properties within the portfolio, the value of all the properties at 31 March 1982. To help us in this process you should provide as much information as possible. To be included in this scheme, your application must be accompanied by detailed valuations of each property in the portfolio prepared by professionally qualified valuers. This will reduce the need for the VOA to seek further information from you and avoid any further costs to you unless detailed negotiations are required. The VOA will not provide valuation opinions in the absence of a reasoned valuation from you.

If you have valuations which were prepared for you, by professional advisers, around 1982 it is likely they will be in the format suggested by the Statements of Asset Valuation Practice and Guidance Notes (1981) issued by the accounting and property professions. Such a report should provide all the required information but to guide you the following list is taken from the Notes and it will be useful if you are commissioning a valuation now for the purpose of this service.

Essential information

a. The full address, and post code, of each property together with a plan if required for better identification.

b. A description of the property and its actual use in March 1982.

c. The interest held in the property at 31 March 1982. (If not freehold give full details of the interest held and if not with vacant possession give full details of any lettings including the term, the date of commencement, the rent and any rent reviews.)

d. A note of the basis on which the valuation is made and the date to which it relates. (In some circumstances valuations for accounts are not on the same basis as those for taxation purposes and it will avoid confusion if this is clear from the outset.)

Supporting information

A description of the characteristics of the locality and amenities.

Details of the property including its age, accommodation, services, floor/site areas and any alterations made since 1982.

Details of any licences affecting the property.

Information on any relevant planning matters, development potential, outstanding statutory notices and known contraventions of statutory requirements.

State of repair and general condition, site stability, details of possible contamination.

Details of comparable transactions in support of the valuation, comment on market conditions and trends.

Details of how the valuation has been calculated (e.g. the values per unit of floor/site area, estimated rental values and yields adopted).

Details of any assumptions made.